In this powerful episode of Banking on Fraudology, Hailey Windham sits down with Kathy Stokes, Director of Fraud Prevention Programs at AARP, a nationally recognized leader in consumer protection and elder fraud prevention.

The conversation dives deep into Stokes's foundational statement: "We need to talk about victims in order to talk about the fraud as a crime". They explore why language is the single most critical tool in the fight against financial crime and how the words we choose can either help or harm.

Key Takeaways:

- Calling it a Crime: Stokes explains that financial fraud must be viewed as a crime, not as a mistake by the person who experienced it, which helps shift the blame from the victim to the transnational criminal enterprises that are often responsible.

- The Problem with Avoiding "Victim": While a person who experienced the crime should be allowed to lead the conversation one-on-one, in the third person, the term "victim" should be used to help people understand the severity of the crime.

- The Power of Empathy: They discuss the psychological impact of being deceived, and why approaching a person with context and empathy (rather than immediately saying "you've been scammed") is crucial to prevent them from shutting down.

- Changing the Language: Stokes shares two terms she wishes the industry would eliminate: "fraudster," because it sounds "kind of cute" and gets the perpetrator "off the hook," and "victim assisted," which inaccurately implies the victim aided the crime rather than being coerced or manipulated.

- A Call to Action for Fraud Teams: Kathy Stokes stresses that the first reaction to someone who has experienced fraud should be: "My God, I'm so sorry this happened to you. It's not your fault. Come on, let's talk about it. Let's report it".

- Hope for the Future: Hear about AARP's groundbreaking work, including the Words Matter campaign and their effort to change the narrative surrounding fraud through advocacy, education, and partnerships.

This is a must-listen for investigators, executives, and anyone working in the financial crimes space who is serious about strengthening prevention efforts and supporting those impacted by fraud.

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Connect with Hailey on LinkedIn

Connect with Kathy on LinkedIn

Links:

AARP Words Matter Campaign: aarp.org/wordsmatter

Fraud Wars on Youtube

AARP Fraud Watch Network